As apposed to its original homosexual meaning, it's gradually came to mean a general flamboyance, or excited state.
In some parts of the United States, especially western Pennsylvania and Ohio, it is also called by different names. Things like being a queer, or being an Anthony are commonly used synonyms.

Ben: Dude I saw Luc outside today and he was really happy about something

Never insult someone for being gay. It is their choice of life, and it is like insulting someone because they're black, or they're an aethist. Insulting someone because of this is quite similar to racism.

Synonyms: Homosexual, lesbian (used with females).

Antonyms: Straight.

Adam: Hey, there's a gay couple over there.
Tim: Wow.
Tim: *Shouting* GET A ROOM, FAGGOTS!
*After a minute of violence*
Adam: No officer, I did not witness Tim's death.

1. a happy mood
2. a derogatory term for a homosexual man or woman, but can have a positive or neutral connotation when used correctly
3. an insult used to describe something that is bad, crappy, or stupid. used by the insecure, homophobic teenagers (around the 13-16 age range) to accentuate the point that they are not gay. not all teenagers use this, though. some of them develop souls earlier than others.